USD/JPY Technical Analysis: Ascending 50-hour EMA support could into play

• The USD/JPY hourly chart shows a downside break of the rising trendline and a bearish divergence of the relative strength index (RSI).
• The hourly MACD is showing that the bearish momentum is gathering pace.
• Hence, the pair could soon test the ascending (bullish) 50-hour exponential moving average (EMA), currently located at 113.74. A strong bounce from that level could help recharge engines for a convincing break above 114.00.

Hourly Chart

Spot Rate: 113.93

Daily High: 114.02

Daily Low: 113.82

Trend: Bearish

Resistance

R1: 114.37 (May 2017 high)

R2: 114.49 (July 2017 high)

R3: 114.74 (November high)

Support

S1: 113.61 (daily low)

S2: 113.17 (200-week moving average)

S3: 113.00 (psychological level)